Required information [The following information applies to the questions displayed below.] During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Holding Period Capital Asset L stock M stock N stock Ostock Antiques Rental home Market Value $ 54,400 32,400 34,400 30,400 11,400 304,400* Tax Basis $ 43,200 41,200 24,200 35,200 6,200 92,200 > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. b. Given that Ron and Anne have taxable income of $404,400 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* 0% Married Filing Jointly $0 - $80,800 $80,801 - $501,600 $501,601+ Married Filing Separately $0 - $40,400 $40,401 - $250,800 $250,801+ Single $0 - $40,400 $40,401 - $445,850 $445,851+ Head of Household $0 - $54,100 $54,101 - $473,750 $473,751+ Trusts and Estates $0 - $2,700 $2,701 - $13,250 $13,251+ 15% 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168,993.50 plus 37% of the excess over $628,300